EGO - Eldorado Gold Announces Extension and Increase of its Senior Secured Credit Facility | Benzinga
VANCOUVER, British Columbia, June 27, 2024 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation ("Eldorado" or "the Company") announces it has entered into an agreement with a syndicate of lenders to extend and increase its senior secured credit facility (the "Credit Facility").
The Credit Facility has a four-year term and consists of a US$350 million revolving senior secured credit facility (previously US$250 million) with a US$100 million accordion feature. The Company proactively extended and increased the credit facility in order to replace the October 2021 senior secured credit facility which was maturing in 2025. The Credit Facility bears interest at a rate of SOFR plus a margin of 2.125-3.250%, dependent on the Company's net-leverage ratio.
"The extension and increase of our credit facility reflects the strong confidence that our lenders have in our business," said George Burns, Eldorado Gold's President and Chief Executive Officer. "We are pleased to continue our long-standing partnership with our multinational bank group, the majority of whom have partnered with Eldorado for many years. With the Skouries project fully funded and expected to achieve first production in the third quarter of 2025, this facility provides additional financial flexibility to continue to strengthen and grow our business with value creating opportunities for all our stakeholders."
As at June 27, 2024, no amounts are drawn under the Credit Facility, however availability is reduced by €126.2 million in connection with the outstanding amount of the letter of credit backstopping the Company's equity commitment for the Skouries project.
Royal Bank of Canada is the administrative agent of the Credit Facility and Royal Bank of Canada, Bank of Montreal, National Bank of Canada and Canadian Imperial Bank of Commerce are Co-Lead Arrangers, Joint Bookrunners and Co-Syndication Agents for the Credit Facility. The additional parties in the bank syndicate are Bank of America Merrill Lynch, Bank of Nova Scotia, Desjardins Bank, and HSBC Continental Europe.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX:ELD) and the New York Stock Exchange (NYSE:EGO).
Contact
Investor Relations
Lynette Gould, VP, Investor Relations, Communications & External Affairs
647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com
Media
Chad Pederson, Director, Communications & Public Affairs
236 885 6251 or 1 888 353 8166
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